WorldStage– Eterna Plc announced the resignation of its CEO Olumide Adeosun last week, making it two resignations of that caliber the Nigerian oil marketing group recorded in 14 months. His predecessor took office April 2024, and resigned January last year.
Company secretary David Edet didn’t disclose in his statement the reason Adeosun, a former non-executive director within the group, quit on May 13. The board of directors had to appoint Jude Nwaulune as the third CEO effective May 14.
The group’s 2025 audited financial statement (AFS) didn’t reveal its five-year growth projection that regulatory filing requires either—which could have shed light on the possibility of the goals shareholders set for their helmsman walking away annually.
But under Adeosun, the group’s effort to recover from its N9.4 billion loss in 2023 faced a number of challenges.
Revenue fell 3.6 percent to N302.4 billion last year, from N313.6 billion the year before. And cost of sales climbed 4.7 percent from N274 billion in 2024 to N287 billion last year. That depressed gross profit by 59 percent to N15.5 billion, from N39 billion the year before.
Profit after tax under Adeosun increased more than 100 percent, from N1.4 billion in 2024 to N2.9 billion last year. The group’s assets and equity (respectively N92.2 and N7.8 billion) also recorded 43.9 percent and 59.2 percent growths from their 2024 numbers.
But the increases, especially in earnings, didn’t stack up well against other listed players’ in the industry. MRS Oil for instance recorded N6.58 billion profit for the year.
The shareholders, according to the group’s 2025 corporate governance compliance report, ‘significantly’ link CEO’s performance to remuneration when hiring.
Adeosun has over 25 years of experience in oil and gas business leadership-across PwC, BP, Rainoil, Ardova, and others.
